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Preferred Income Fund (HPI)

Daily Price as of 9/1/15

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MKT Change ($) Change (%)
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Management Team

No Photo Available
Gregory K. Phelps

Joined team in 2002
Joined subadvisor in 2005
Joined advisor in 1995
Investing since 1981

No Photo Available
Joseph H. Bozoyan, CFA

Joined team in 2015
Joined subadvisor in 2011
Joined advisor in 2011
Investing since 1993

Top Issuers (%)

as of 7/31/15
PPL Capital Funding, Inc. 3.93
JPMorgan Chase & Company 3.71
Qwest Corp. 3.14
US Bancorp 3.11
Wells Fargo & Company 2.89
Barclays Bank PLC 2.89
Public Storage 2.87
ING Groep NV 2.75
DTE Energy Company 2.72
Duke Realty Corp. 2.69
The Fund’s holdings are subject to change at any time. Characteristics are expressed as a percentage of net assets except for certain closed-end funds where characteristics are expressed as a percentage of total managed assets.

All Funds (with the exception of the Money Market Fund) exclude cash and cash equivalent securities from Top holdings and Top issuers.

Goal and Strategy

The Fund’s primary objective is to provide a high level of current income consistent with preservation of capital. The Fund’s secondary objective is to provide growth of capital to the extent consistent with its primary objective. The Fund seeks to achieve its objectives by investing in a diversified portfolio of securities that, in the opinion of the Advisor, may be undervalued relative to similar securities in the marketplace. Under normal market conditions, the Fund invests:

At least 80% of its assets in preferred stocks and other preferred securities, including convertible preferred securities.

25% or more of its total assets in the industries comprising the utilities sector.

At least 50% of its total assets in preferred securities or other fixed-income securities rated investment grade or higher by Moody’s or Standard & Poor’s at the time of investment.

Average Annual Total Returns

Month-End Performance (%) as of 7/31/15
QTD YTD 1YR 3YR 5YR 10YR
(not annualized)
MKT 2.63 0.84 7.55 2.54 9.36 7.47
Quarter-End Performance (%) as of 6/30/15
QTD YTD 1YR 3YR 5YR 10YR
(not annualized)
MKT -6.50 -1.74 2.16 2.71 10.81 7.33

Cumulative Returns

Month-End Performance (%) as of 7/31/15
QTD YTD 1YR 3YR 5YR 10YR
MKT 2.63 0.84 7.55 7.82 56.42 105.58

The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. See performance data current to the most recent month-end, which may be higher or lower than that cited.

Performance figures assume that all distributions are reinvested.

Morningstar Rating1

Overall Rating

The fund has not yet been rated by Morningstar.

Overall Ratings are not available.

1 Morningstar proprietary ratings reflect risk-adjusted performance through most recent month-end. The ratings are subject to change every month. For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return that accounts for variation in a fund’s monthly performance (including effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category, the next 22.5%, 35%, 22.5% and the bottom 10% receive 5, 4, 3, 2 or 1 star, respectively. (Each share class is counted as a fraction of 1 fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Past performance is no guarantee of future results.
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